Progyny Reports $350.5 Million Revenue in Q2 2026, Up 5% Year-Over-Year

Progyny, Inc. reported a revenue of $350.5 million for the second quarter of 2026, marking a 5% increase from $332.9 million in the same period last year. For the first half of 2026, the company generated $679.0 million in revenue, up 3% from $656.9 million in the first half of 2025. The growth in revenue was primarily driven by an 8% increase in the fertility benefits solution revenue, which reached $230.2 million, and a 1% increase in revenue from the Progyny Rx solution, totaling $120.3 million. The company’s net income for the second quarter was $28.1 million, compared to $17.1 million in the prior year, resulting in a diluted earnings per share of $0.34, up from $0.19.

In terms of operational metrics, Progyny's client base expanded to over 600 employers, covering approximately 7.2 million employees and their dependents. This represents a significant increase from 6.7 million covered lives at the end of 2025. The company has retained nearly all of its clients since launching its fertility benefits solution in 2016, demonstrating strong client satisfaction reflected in a Net Promoter Score of +81. The total number of assisted reproductive treatment cycles performed for Progyny members also increased, indicating higher engagement with the company's services.

Progyny's cost of services rose to $261.2 million in the second quarter, a 3% increase from $253.9 million in the same quarter of 2025. This rise was attributed to higher medical treatment and pharmacy prescription costs associated with fertility treatments. However, the company achieved a gross profit of $89.3 million, representing a gross margin of 25.5%, an improvement from 23.7% in the prior year. The decrease in stock-based compensation expenses contributed to this margin improvement, alongside operational efficiencies in care management services.

The company has also been active in share repurchase programs, having repurchased 6.7 million shares at an average price of $22.08, totaling $148.1 million in the first half of 2026. As of June 30, 2026, Progyny had $152.6 million in cash and cash equivalents, alongside $84.3 million in marketable securities. The company believes that its existing cash, marketable securities, and cash flow from operations will be sufficient to support its working capital and capital expenditure requirements for at least the next 12 months. Looking ahead, Progyny plans to continue expanding its offerings in women's health and family building solutions, while also focusing on client acquisition and retention strategies.